News Snapshot:
SHANGHAI (Reuters) - China has ramped up a crackdown on financial scams, from cryptocurrency swindles to bogus patriotic fundraising that capitalizes on the coming 100th birthday of the ruling Communist Party, as new anti-fraud rules take effect on Saturday. In recent years, China has shut roughly 6,000 peer-to-peer (P2P) platforms in a purge of an industry that still owed victimized investors over $100 billion as of last August. But financial frauds are mutating in their complexity and widening, according to China's banking regulator, which last week called for a tougher crackdowns Last year, China busted over 7,500 financial scams, according...
